Top Retail Group Expects 150 Million Shoppers On "Super Saturday"

Image Source: Unsplash

Retail stocks caught a slight bid pre-market Friday following a report from the National Retail Federation (NRF) that said over 150 million American shoppers could be buying holiday gifts in stores or online on the last Saturday before Christmas, otherwise known as "Super Saturday," which is a higher amount by more than 2 million from last year, reported Reuters

"Consumers have embraced an earlier start to the holiday season. They are spreading out their holiday shopping and taking advantage of sales and promotions from retailers in local communities and national brands," trade group NRF President and CEO Matthew Shay said.

NRF said the coronavirus pandemic had upended consumer shopping trends, with the expectation that 42% of consumers will shop online this year instead of visiting a brick-and-mortar store. Craig Johnson, president of retail consultancy Customer Growth Partners, expects retail sales on Super Saturday will be around $36.1 billion, up from $34.4 billion last year. Johnson said in comparison, Black Friday generated $29.7 billion in sales this year. 

In response to the report, Kohl's (KSS), Walmart (WMT), and Macy's (M) were up .5% to 2.6% in the premarket. But without a second stimulus check, unlikely to arrive by the end of the week, millions of Americans will not be able to participate in buying gifts.

Disclaimer: Copyright ©2009-2020 Media, LTD; All Rights Reserved. Zero Hedge is intended for Mature Audiences. Familiarize yourself with our legal and use policies every time ...

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.